3 options to build a home with a VA home loan
WASHINGTON, D.C. – May 27, 2015 – (RealEstateRama) — One of the major benefits of a home loan from the U.S. Department of Veterans Affairs is being able to buy a new home. However, veterans could take it one step further and build a home to get the property they dreamed of. Whether veterans are returning from overseas or serving in a selected reserve nearby, they could apply for a VA home loan to customize their house the way they want it.
Although veterans may not be familiar with the process of building their own house using a VA home loan, they have a variety of options to start home construction.
According to the department, a VA home loan can be used three ways:
1. Build a home
If veterans or servicemen already know the perfect spot for their new place, they could decide to use a VA home loan to construct a home. They could decide on the layout and design, hire custom home builders and begin construction.
2. Buy a manufactured home
A manufactured home has plenty of perks, including fast construction because the home or parts of it are made in a factory. There are usually two options for manufactured homes: single-section and multi-section homes, according to manufacturer Nelson Homes.
3. Purchase a lot
In case veterans would like to plan for a new home for the future, build their house with their own hands or with the help of professionals builders, they could also apply for a VA loan to buy a lot. Veterans should carefully consider the location of their home, whether it will be easy to install plumbing, cables or other utilities.
Veterans interested in constructing a home can contact the Federal Savings Bank, a veteran owned bank, to learn more about options for a VA home loan.